There's 2 aspects to the SM1 relationship.  1: A2 is a...

There's 2 aspects to the SM1 relationship. 

1: A2 is a shareholder and over pays relative to normal blending co packer arrangements for certainty of supply up to a level

2: Both SM1 and A2M have been providing conservative forecasts during the uncertain period prior to January 1.  This uncertainty was taken away in October when the Chinese Government provided guidance on CBEC regulations and English label.

In November you saw export volumes go through the roof again (up 200%) because now A2 and SM1 can better forecast their future now that regulations have been clarified.

Watch them both update the markets mid/end February (A2M is 21st February - Can't remember SM1 date).

At this point I expect to see consensus earnings estimates lift substantially from the current levels.